Local Turkish rebar spot market activity gains momentum

Today, June 30, Turkish domestic rebar spot prices have mostly remained stable at TRY 3,360-3,400/mt ($416-421/mt) ex-warehouse depending on the region, while demand remains lively. Only in the Iskenderun region have rebar prices hiked slightly.

Icdas has kept its rebar price at TRY 3,420/mt ($423/mt) ex-works. In addition, most mills in the Marmara region are currently offering rebar at TRY 3,400-3,420/mt ($421-422/mt) ex-works. Moreover, approximately 15,000 mt of rebar were traded in the Marmara region at TRY 3,400-3,420/mt ($421-422/mt) ex-works yesterday, according to sources.

Izmir Demir Celik (IDC) has hiked its rebar price by TRY 20/mt ($1/mt) to TRY 3,420/mt ($422/mt) ex-works. According to sources, the total tonnage traded yesterday in Izmir at TRY 3,350-3,360 ($414-416/mt) ex-works amounted to 40,000 mt, versus the 30,000-35,000 mt mentioned in the market previously. In addition, around 10,000 mt of rebar have been sold in the region at TRY 3,360/mt ($416/mt) ex-works today, although the information was not confirmed by the time of publication.

Moreover, approximately 30,000 mt of rebar were traded in Iskenderun region at TRY 3,400-3,410/mt($421-422/mt) ex-works yesterday, SteelOrbis has learned. ‘Traders might have concluded those purchases to cut their VAT costs, resulting from their previous sales, by restocking ahead of the end of the month,” a source mentioned.

As of today, rebar offers in the Turkish spot market are as follows:

All prices are ex-warehouse and on actual weight basis. Prices on Turkish lira basis include 18 percent VAT, while prices on US dollar basis exclude VAT. 

$1 = TRY 6.85